Forward Industries has transferred 455,784 Solana (SOL) tokens, worth approximately $31.87 million, to Coinbase Prime, sparking fresh discussion about the company’s massive crypto treasury strategy and its position as the largest corporate holder of Solana.
The transfer, identified by blockchain analytics platform Lookonchain using data from Arkham Intelligence, came after roughly a month of inactivity from wallets linked to the company. While the destination was Coinbase Prime, the move does not automatically indicate that the tokens are being sold.
Forward Industries, down nearly $1.13B on $SOL, deposited 455,784 $SOL($31.87M) to Coinbase Prime after a month of inactivity.
Since launching its Solana treasury strategy in September 2025, Forward Industries has spent ~$1.59B to buy 6.83M $SOL at $232.08.
The 6.83M $SOL… pic.twitter.com/cTZI1mIdCG
— Lookonchain (@lookonchain) June 5, 2026
Solana treasury strategy faces heavy unrealized losses
Forward Industries began aggressively accumulating Solana in September 2025 as part of its crypto treasury strategy. Since then, the company has acquired approximately 6.83 million SOL at an average purchase price of $232.08 per token, spending an estimated $1.59 billion.
Based on current market values, those holdings are worth about $458.6 million, leaving the company with nearly $1.13 billion in unrealized losses.
The latest transfer comes as investors continue to monitor the impact of falling crypto prices on the company’s balance sheet. Despite the losses, Forward Industries remains one of the most significant institutional participants in the Solana ecosystem.
Crypto losses overshadow growing revenue
The company’s financial results have reflected the pressure created by the decline in SOL prices. For the quarter ended December 31, 2025, Forward Industries reported a net loss of $585.6 million, driven largely by a $560.2 million loss on digital assets and an additional $33 million impairment charge related to its Solana holdings.
However, revenue showed strong growth during the same period. The company generated $21.4 million in revenue, up from $4.6 million a year earlier, with staking rewards from its Solana treasury operation contributing significantly to the increase.
At the time, Forward Industries disclosed ownership of nearly 7 million SOL, with almost all of the tokens staked through its validator infrastructure.
Market watches for signs of a sale
The transfer to Coinbase Prime has fueled speculation about the company’s next move. Institutional investors often use prime brokerage platforms for custody, liquidity management, collateral arrangements, borrowing activities, or preparations for asset sales.
Forward Industries has not publicly explained the purpose of the transaction.
Beyond simply holding SOL, the company has expanded its treasury operations through initiatives such as the liquid staking token fwdSOL and partnerships with Galaxy Digital and Jump Crypto. Backed by a $1.65 billion private investment round involving Galaxy Digital, Jump Crypto, and Multicoin Capital, the company rapidly built one of the largest Solana-focused corporate treasury positions in the market.
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